Aston University to sell 3,000 student bedrooms in £200m deal
A student accommodation complex in Birmingham city centre is being brought to the market next year and is expected to fetch in the region of £200 million.
Aston Student Village sits next to James Watt Queensway on the Aston University campus and replaced the old halls of residence in Lawrence Tower and Dalton Tower which were demolished in 2011.
Aston University is seeking a buyer for its 100 per cent interest in the complex which comprises 3,067 bedrooms and a multi-faith centre.
An adjoining all-weather sports pitch and car park, which were built as part of the same development, are not included in this sale process.
The bedrooms are currently for the sole use of students attending Aston University.
It is not clear at this stage whether it will be stipulated in the sale process that this exclusivity must remain as Birmingham City University has an expanding campus very close by in Curzon Street.
Deloitte Real Estate and Knight Frank have been recruited as joint agencies to market the site which is 100 per cent let this year and has a forecast gross annual income of £16.6 million.
Chris Baldwin, partner and head of residential at Deloitte Real Estate, said: This investment will represent the largest single property transaction of student housing to take place in the UK this year.
The student housing investment market has transacted over £5.7 billion in the last nine months and this is a prime asset allowing any investor to capitalise on a thriving market.
James Pullan, head of student property at Knight Frank, added: Investors are particularly drawn to the UK’s higher education sector because of its perceived position within a global context.
Aston Student Village will be of interest to institutions and operators from a global investment base…